Verizon Posts First-Quarter Loss,
Cuts Revenue Projections for Year

NEW YORK -- Verizon Communications Inc., the nation's largest local phone company, swung to a loss in the first quarter and became the third Bell in a week to cut revenue projections for the year.

The loss fuels a growing sense that the local phone business, once viewed as the telecommunications industry's most profitable haven, isn't immune to the same painful slump in demand that is afflicting upstarts and long-distance carriers.